Estate & Trust Law
Transferring your assets to your heirs after death can be accomplished by a revocable living trust or a last will and testament. A will is filed with, and enforced by, the Probate Court. The probate process may involve delays in distributing your assets to your beneficiaries and legal fees are involved.
A revocable living trust avoids probate to the extent that assets are owned by trust prior to death. The revocable living trust is private and the court is not involved. Therefore, assets can be distributed without delay. The primary advantage of a trust is to avoid probate. The trust allows the owner of the property to maintain control and management of the assets during his or her lifetime. The trust also can be amended, modified, or revoked during the owner’s lifetime. On the other hand, the assets controlled by the trust must be transferred to the trust. Though the trust owns the assets, the owner can freely manage and remove assets from the trust.
An attorney consultation is necessary to explain the advantages and disadvantages of a trust or will. The proper choice is unique to each estate and family.
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